Lido DAO is now available at crypto exchange Bitvavo

Bitvavo, the largest crypto exchange in the Netherlands, offers more than 180 different cryptocurrencies. However, it regularly adds new coins to the platform to offer investors more choice. Yesterday it was that time again: Lido DAO (LDO) is from now on available at Bitvavo.

Liquid strike for Ethereum

LDO is the native utility token from Lido. This is a platform that offers liquid staking for Ethereum (ETH). The platform was brought to life after the Ethereum beacon chain started in December 2020. Since then, it has been possible to stake ETH and become a validator to earn rewards that way.

An additional disadvantage is that you need at least 32 ETH, which is worth almost $50,000 at the current ethereum price. To date, it is not yet possible for crypto investors to withdraw your ethereum from the ETH 2.0 staking contract. The major update that will make this possible will take place next March, the hard fork of the mainnet under the code name Shanghai.

Every time a staker sends ether to Lido, he/she receives staked ether (stETH) in return. Once the Shanghai upgrade is rolled out, strikers will be able to swap this stETH for ETH. As a result, the price of stETH is usually equivalent to that of ETH. There is no minimum amount required to stake your ethereum with Lido. It is called liquid staking because investors can still use the stETH for other DeFi applications.

LDO token

Lido is organized as one Decentralized Autonomous Organisation (DAO) and this is where the utility of the token comes in. LDO represents voting rights in the DAO. The more LDO an investor has, the more weight he/she has in a vote.

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The market cap of the LDO token is just over $2.1 billion at the time of writing, bringing it to the 31st spot on CoinMarketCap. In the last 24 hours, the LDO token price is up 12% in the green and is currently trading at $2.56.

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